Fareshape Limited - Period Ending 2016-12-31

Registration number: 03763935

Fareshape Limited

Unaudited Financial Statements

for the Year Ended 31 December 2016

Fareshape Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Statement of Changes in Equity	4
Notes to the Financial Statements	5 to 10

Fareshape Limited

Company Information

Directors

C J Newman T P Lewis S N G Barratt N J B Gravell R J Acreman R H Warren PK Ison

Company secretary

C J Newman

Registered office

34 Boulevard Weston-super-Mare Somerset BS23 1NF

Accountants

Four Fifty Partnership Chartered Accountants 34 Boulevard Weston-super-Mare Somerset BS23 1NF

Page 1

Fareshape Limited

(Registration number: 03763935)
Balance Sheet as at 31 December 2016

	Note	2016 £	2015 £
Fixed assets
Investments	3	2,959,291	2,959,291
Creditors: Amounts falling due within one year	4	(2,950,686)	(2,950,686)
Net assets		8,605	8,605
Capital and reserves
Called up share capital		2,000	2,000
Profit and loss account		6,605	6,605
Total equity		8,605	8,605

For the financial year ending 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

The notes on pages 5 to 10 form an integral part of these financial statements.

Page 2

Fareshape Limited

(Registration number: 03763935)
Balance Sheet as at 31 December 2016 (continued)

Approved and authorised by the Board on 27 September 2017 and signed on its behalf by:
 

.........................................

T P Lewis

Director

The notes on pages 5 to 10 form an integral part of these financial statements.

Page 3

Fareshape Limited

Statement of Changes in Equity for the Year Ended 31 December 2016

	Share capital £	Profit and loss account £	Total £
At 1 January 2016	2,000	6,605	8,605
Profit for the year	-	250,000	250,000
Total comprehensive income	-	250,000	250,000
Dividends	-	(250,000)	(250,000)
At 31 December 2016	2,000	6,605	8,605

	Share capital £	Profit and loss account £	Total £
At 1 January 2016	2,000	6,605	8,605
Profit for the year	-	250,000	250,000
Total comprehensive income	-	250,000	250,000
Dividends	-	(250,000)	(250,000)
At 31 December 2015	2,000	6,605	8,605

The notes on pages 5 to 10 form an integral part of these financial statements.

Page 4

Fareshape Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

These financial statements were authorised for issue by the Board on 27 September 2017.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

The presentation currency of the financial statements is the Pound Sterling (£).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Group accounts not prepared

In accordance with Section 399 of the Companies Act 2006, exemption has been taken from preparing group accounts on the grounds that the company qualifies as the parent of a small group.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Page 5

Fareshape Limited

Notes to the Financial Statements for the Year Ended 31 December 2016 (continued)

2	Accounting policies (continued)

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Financial instruments

Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement as either financial assets, liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company. after deducting all liabilities.
 
 

Page 6

Fareshape Limited

Notes to the Financial Statements for the Year Ended 31 December 2016 (continued)

3	Investments

	2016 £	2015 £
Investments in subsidiaries	2,959,291	2,959,291

Subsidiaries	£
Cost or valuation
At 1 January 2016	2,959,291
Carrying amount
At 31 December 2016	2,959,291
At 31 December 2015	2,959,291

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking	Registered office	Holding	Proportion of voting rights and shares held
			2016	2015
Subsidiary undertakings
Rayglow Securities Limited	34 Boulevard, Weston-super-Mare, Somerset, BS23 1NF	Ordinary	100%	100%
	England and Wales

The principal activity of Rayglow Securities Limited is property investment / letting.

The profit for the financial period of Rayglow Securities Limited was £288,938 and the aggregate amount of capital and reserves at the end of the period was £10,270,976.

Page 7

Fareshape Limited

Notes to the Financial Statements for the Year Ended 31 December 2016 (continued)

4

Creditors

Creditors: amounts falling due within one year

	2016 £	2015 £
Due within one year
Amounts owed to group undertakings and undertakings in which the company has a participating interest	2,950,686	2,950,686
	2,950,686	2,950,686

5	Share capital

Allotted, called up and fully paid shares

	2016		2015
	No.	£	No.	£
Ordinary A of £0.10 each	10,000	1,000.00	10,000	1,000.00
Ordinary B of £0.10 each	10,000	1,000.00	10,000	1,000.00
	20,000	2,000	20,000	2,000

Page 8

Fareshape Limited

Notes to the Financial Statements for the Year Ended 31 December 2016 (continued)

6

Dividends

Final dividends paid

	2016 £	2015 £
Final dividend of £12.50 per each Ordinary A share	125,000	125,000
Final dividend of £12.50 per each Ordinary B share	125,000	125,000
	250,000	250,000

7	Related party transactions

Loans from related parties

2016	Subsidiary £
At start of period	2,950,686
At end of period	2,950,686

2015	Subsidiary £
At start of period	2,950,686
At end of period	2,950,686

Terms of loans from related parties

The loan from the subsidiary company is interest-free and repayable on demand.

No fair value adjustment has been made as the loan was repaid in full on 10 August 2017.
 

Page 9

Fareshape Limited

Notes to the Financial Statements for the Year Ended 31 December 2016 (continued)

8	Transition to FRS 102

These financial statements have been prepared in compliance with FRS102 (Section 1A) - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006. The date of transition is 1 January 2015.

This is the first year in which the financial statements have been prepared under FRS102 (Section 1A). No transition adjustments were required.

Page 10